Matrix Trust Co Reduces Stake in Cummins Inc. (NYSE:CMI)

Matrix Trust Co reduced its position in Cummins Inc. (NYSE:CMI) by 1.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,071 shares of the company’s stock after selling 108 shares during the period. Matrix Trust Co’s holdings in Cummins were worth $1,454,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Bison Wealth LLC increased its position in shares of Cummins by 3.6% during the fourth quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after acquiring an additional 42 shares during the last quarter. KB Financial Partners LLC increased its position in shares of Cummins by 1.3% during the third quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock worth $819,000 after acquiring an additional 45 shares during the last quarter. Edmp Inc. increased its position in shares of Cummins by 0.8% during the fourth quarter. Edmp Inc. now owns 5,560 shares of the company’s stock worth $1,332,000 after acquiring an additional 46 shares during the last quarter. Ledge Wealth Management Inc. increased its position in shares of Cummins by 0.5% during the fourth quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock worth $2,165,000 after acquiring an additional 48 shares during the last quarter. Finally, Peloton Wealth Strategists increased its position in shares of Cummins by 0.4% during the third quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock worth $3,227,000 after acquiring an additional 50 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Citigroup lifted their target price on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, February 12th. Evercore ISI boosted their price objective on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. boosted their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. The Goldman Sachs Group boosted their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Finally, Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $243.00 to $225.00 in a report on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $279.70.

Cummins Stock Performance

CMI stock traded down $0.47 during midday trading on Friday, reaching $291.14. The company had a trading volume of 480,216 shares, compared to its average volume of 917,274. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average price of $283.34 and a 200 day moving average price of $250.62. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The firm has a market capitalization of $39.82 billion, a PE ratio of 56.20, a P/E/G ratio of 1.98 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.52 earnings per share. Analysts anticipate that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.31%. Cummins’s dividend payout ratio is presently 129.73%.

Insider Transactions at Cummins

In other news, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the transaction, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the transaction, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was purchased at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The disclosure for this purchase can be found here. Over the last three months, insiders sold 51,289 shares of company stock worth $13,576,838. Company insiders own 0.56% of the company’s stock.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.